Lululemon Shares Plunge 15% as Sales Growth Slows on Softer U.S. Store Traffic and Weak 2023 Outlook

Lululemon shares fell 15%, the most since March 2020, after reporting a slowdown in U.S. store traffic and weaker-than-expected guidance
U.S. store visits slowed at the beginning of 2023, with shoppers buying slightly less than a year earlier
Lululemon forecasts slower sales growth of 11-12% for 2023, below 19% growth last year and below analyst estimates
Weaker performance in North America fueled bearish sentiment, though company expects double-digit international sales growth
To attract shoppers, Lululemon plans new colors, more size 0-4 items; also betting on innovation and continued men’s, accessories growth